AML 2019 Loan Charge

[EveryFriday]

Moved Overseas

Can anyone comment on this issue for those who have moved overseas? (and are not a UK citizen or resident)

[Dharmin]

Disguised remuneration: settling your tax affairs

Hi ..

Anyone who was with AML , have you registered at https://www.gov.uk/guidance/disguise...ur-tax-affairs or waiting for HMRC to contact you.

I was with AML from Oct. 2011 - March 2015 , in past I have received letters from HMRC and used to forward to AML to sort it out. So this time I don't know what to do.. any advice/guidance would appreciate

Regards
Dharmin

[webberg]

Be very clear.

It is for YOU to contact HMRC and register an interest in the settlement.

HMRC will not contact you unless you are already under enquiry. However, they are very poor at this and my advice is to not wait for them.

Only is if you have appointed an agent and told them to register you for the settlement, can they do that.

This is not a nanny state situation and YOU have to take action to protect YOU.

Do not assume others will do this for you.

[jrock]

Ask your MP to sign this motion

If you haven’t seems this post please view https://forums.contractoruk.com/hmrc...ml#post2552557

Bring it to your MPs attention today

[THISISWRONG]

Does anybody know for certain that if you repay the loan the 2019 loan charge will not apply?
Ive heard comments that HMRC could still come after you or the company for PAYE etc but how can that be... if you repay it it is clearly then to be treated as a loan and surely even HMRC would not win in court if you repaid???

[WTFH]

Does anybody know for certain that if you repay the loan the 2019 loan charge will not apply?
Ive heard comments that HMRC could still come after you or the company for PAYE etc but how can that be... if you repay it it is clearly then to be treated as a loan and surely even HMRC would not win in court if you repaid???

If you repay the loan, have you any guarantee that the trust will repay your company?

[ric_77]

Does anybody know for certain that if you repay the loan the 2019 loan charge will not apply?
Ive heard comments that HMRC could still come after you or the company for PAYE etc but how can that be... if you repay it it is clearly then to be treated as a loan and surely even HMRC would not win in court if you repaid???

is it not absolutely insane that anybody would even consider repaying a 'loan'. This was our salary for work completed back then, ill advised and misguided for it to be paid via AML/SP. It was not an investment in shares or bitcoin that was dictated by market forces. It was our earnings. In any normal scenario outside of this farce you would not consider paying back an ex employer from long ago all of your salary.

The trust have to act in our best interests, how does paying it back conform to that.

[THISISWRONG]

If you repay the loan, have you any guarantee that the trust will repay your company?

You can transfer the trust to your own appointed trustees who can at least invest the funds.

[WTFH]

You can transfer the trust to your own appointed trustees who can at least invest the funds.

Says who?

Let's say you had a loan for £50k from Knox House Trust.
If you repay that £50k to Knox House Trust, you do not have the money, it is with Knox House Trust, who will then say that you have repaid the money they loaned you, thank you very much end of story.

You are a borrower, not a trustee. Unless you get Knox House Trust to agree to repay your company, then there's nothing you can do. You can't transfer the trust. You can't appoint your own trustees.

[esemi]

Letter to MP

Here is what I just sent to my MP. If anyone wants to use/edit it feel free...

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I'm not sure if you are aware but I was looking for your thoughts on the HMRC 2019 Loan Charge legislation.

Here are details of the legislation...
https://www.gov.uk/guidance/disguise...he-loan-charge

As a summary, HMRC are aggressively back dating tax bills for some contractors, freelancers and agency workers, including social workers, supply teachers and bank and locum nurses and doctors who used a Trust payment scheme since 1999.
While it can be debated if these schemes were acceptable in terms of tax take they were inside the tax legislation of the time.

The new legislation is requiring these people to come up with vast amounts to retrospectively pay HMRC.

I know a number of people who this is affecting. They are talking about the possibility of losing housing, relationship stress, and even bankruptcy. As many of these people work in the finance sector bankruptcy would cease their ability to work in the industry.
I agree that the tax take from these people may have been low but the way HMRC are now going about this seems wrong and unfair.

Here is a message board showing peoples distress and thoughts...
https://forums.contractoruk.com/hmrc...an-charge.html


A number of MPs are starting to work against this...
https://www.parliament.uk/business/p...ession=2017-19

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